US Stock Market Move | Popular Chinese concept stocks rose across the board, with GDS Holdings Ltd. Sponsored ADR Class A (GDS.US) up more than 10%.

On Monday, the Nasdaq Golden Dragon China Index rose more than 5%. Popular Chinese concept stocks rose across the board, with GDS Holdings Ltd. Sponsored ADR Class A (GDS.US) up over 10%, PDD Holdings Inc. Sponsored ADR Class A (PDD.US) up over 8%, XPeng, Inc. ADR Sponsored Class A (XPEV.US), KINGSOFT CLOUD (KC.US) up over 7%, and Alibaba Group Holding Limited Sponsored ADR (BABA.US) up over 6%. On May 12, the Ministry of Commerce issued a joint statement on the China-US Japan Geneva Economic and Trade Talks. The high-level economic and trade talks between China and the US have made substantial progress, significantly lowering bilateral tariff levels. The US has canceled a total of 91% of its additional tariffs, and China has correspondingly canceled 91% of its retaliatory tariffs. The US has suspended the implementation of 24% "equivalent tariffs," and China has also suspended the implementation of 24% retaliatory tariffs.